Jain irrigation posted very good numbers, much better than expected numbers for Q4Fy15. Consolidated revenue rose 20% (YoY) at Rs.2104 crore. EBITDA was up 12% at Rs.314 crore and PAT was at Rs.98 crore, up by a strong 30%. Its mainstay, micro irrigation system (MIS) showed a 7% (YoY) rise in revenue, which is most certainly better than the decline of 8% (YoY) seen in Q3. For the quarter, MIS business which includes domestic and exports contributed 46% to total revenue. Another 45% came from pipes and food. The company ended FY15 with a consolidated net profit of Rs.49 crore v/s Rs.4 crore in FY14.

The growth in net profit was mainly led by a higher other income component, lower interest outgo and slower pace of growth in depreciation. The market is especially enthused by the fact that it has managed to reduce its debt by Rs.360 crore in Q4FY15 and it plans to reduce it by another Rs.300 crore in current fiscal. The company is planning to raise money by selling 25-30% stake in its food processing business by September’15.